Mumbai: Indian equity markets staged a strong recovery on Tuesday, with benchmark indices BSE Sensex and Nifty 50 ending higher despite opening sharply lower on global concerns.
The indices declined at the open after Iran rejected a US ceasefire proposal, triggering weak sentiment. The Sensex initially fell over 650 points, while the Nifty dropped more than 200 points.
However, both benchmarks pared losses through the session and closed in positive territory. The Sensex rose 509.73 points, or 0.69%, to 74,616.58, while the Nifty gained 155.40 points, or 0.68%, to settle above 23,100.
Gains were led by IT and metal stocks, with companies such as Wipro, HCL Technologies, TCS, Infosys, and Hindalco Industries among the top performers. Most sectoral indices ended higher, with IT rising 2.5% and metals gaining 1.5%, while midcap and smallcap indices remained largely stable.
Market sentiment was supported by a stronger rupee, expectations of stable policy from the RBI’s ongoing monetary policy meeting, and optimism around upcoming quarterly earnings, particularly in the IT sector.
Analysts noted that despite global uncertainties, improving earnings outlook, stable interest rate expectations, and forecasts of a normal monsoon helped boost investor confidence, leading to a broad-based recovery by the close.
